现金股利、股权结构和组织特征:一个Logistic分析  

Cash Dividend,Ownership Structure and Organizational Characteristics: A Logistic Regression Analysis

作　　者：谢军[1] 

机构地区：[1]华南师范大学经济与管理学院,广东广州510006

出　　处：《商业经济与管理》2007年第3期62-67,共6页Journal of Business Economics

基　　金：广东省自然科学基金项目资助(5300372)

摘　　要：本文以763家上海证券交易所A股上市公司2003年的横截面数据为观察值,运用logistic回归分析分别考察了股权结构和组织特征对现金股利发放概率的实证影响。本文发现,股权结构(第一大股东持股、前二大股东持股和前三大股东持股)对现金股利发放概率具有显著的正向影响。公司各项组织特征(成长性机会、每股收益、每股留存盈余、资产规模和财务杠杆)也对现金股利发放概率具有显著的影响。本文的结论支持自由现金流假说。This paper investigates 763 A - share public corporations listed in SHSE, positively analyzes the influencing factors of cash dividend policy from institutional level and technologic level, and explores the ownership structure and the organizational characteristics＇ effects on dividend policy by logistic regression. The author finds that both the ownership structure and organizational characteristics have significantly positive impacts on dividend policy ; the large shareholders have stronger incentive to distribute corporate cash, and force management disgorges free cash flow. The paper＇s conclusion supports free cash flow hypothesis.

关 键 词：股权结构 组织特征 现金股利 

分 类 号：F234.4[经济管理—会计学]